Latest News
-
Twenty suspected Boko Haram militants killed in attacks on northeast Nigeria
A local official reported that suspected Boko Haram terrorists on motorbikes had stormed and killed at least?20 people in two villages located in northeast Nigeria. The attacks are part of an offensive by Boko Harama and its Islamic State offshoot?ISWAP who have intensified deadly attacks against?military base and villages in Nigeria’s insurgency hit northeast. Mada Saidu said that the gunmen who attacked Pubagu, Mayo-Ladde, and Askira-Uba districts, in Borno state and the neighbouring adamawa state, on Tuesday afternoon, had beaten back local vigilantes. In Pubagu, at least 11 people died and in Mayo-Ladde, nine. Saidu reported that homes and shops had been?torched and food looted. Aid groups claim that Islamist militants have waged an insurgency for 17 years in order to create an 'Islamic state' in northeast Nigeria, killing thousands of people and forcing at least two million to flee their homes. This is despite major military campaigns to eradicate them. (Reporting Adewale?Kolawole from Maiduguri, Writing by Elisha?Bala-Gbogbo, Editing by Gareth Jones.)
-
Six suspects of plotting a coup in Nigeria plead not guilt as the court adjourns their trial
Six former security officials accused of plotting to violently 'overthrow President Bola Tinubu’s government last year, pleaded not guilty on Wednesday. A court in Abuja adjourned the trial until April 27. The prosecution filed 13 criminal cases against a retired general of the army and others, for treason and financing terrorism. Seventh suspect is a former governor of a state who remains at large. The suspects denied all charges at their arraignment in a federal court. Judge Joyce Abdulmalik adjourned trial to April 27. Lateef Fagbemi, Attorney-General and Justice Minister, requested a speedy?trial citing the "gravity" of the case. Abdulmalik granted this request soon after the pleas had been entered. The judge refused to grant oral bail, and instructed the defence lawyers to submit formal written motions. She ordered that the suspects would be held in custody by the Department of State Services (DSS) pending trial. The trial is the'most serious treason' prosecution since Tinubu came to power in 2023. It reflects a drive to tighten up internal security at a time when economic strains are increasing, Islamist militant attacks in the North have increased, and there are political tensions. Tinubu, in October,'suddenly' replaced the military leadership. An aide described this as a "strenuous" shake-up to boost security. (Reporting and writing by Camillus Eboh, Editing by Gareth Jones).
-
Metalshub, an EU-funded agency, is working with Metalshub to create a European platform for critical minerals trading
Metalshub, a digital platform funded in part by the EU, and an agency that is partially funded by the EU are working on establishing regional critical mineral prices separate from those of dominant producer China to allow the financing of new projects. The European Union, United States, and other Western countries strive to set their own benchmark prices of critical minerals in order to reduce their dependency on China. China accounts for 90% of the global production of rare earths processed, which are vital for electronics, clean energy and defence. Bernd Schaefer said that "Europe lacks a deep, transparent, and EU-relevant benchmark for critical minerals...the lack of transparency is an absolute deal breaker" for many investors. A number of new mines and facilities that process minerals are struggling to get financing because the outlook is uncertain. Prices, which are set largely in China and fluctuate wildly, have been unpredictable. Metalshub, a privately-held German group, and the public-private partnership, EIT 'RawMaterials (with more than 300 companies and academics involved in the industry), are working together to expand Metalshub's platform. This includes adding spot trading for rare earths and critical minerals, and developing reliable price indices. Metalshub's Managing Director Frank Jackel stated that the company could technically launch trading right away, but it would need approval from regulators and policymakers. Schaefer declined to name the companies or provide feedback from those who were spoken to. Schaefer stated that they were aiming to have the pilot project running within 12 months. Metalshub provides trading services for raw materials such as nickel and alumina for the aluminium industry, materials that are used in steel production. It was also used to conduct online graphite and lithium auctions. Jackel stated that Metalshub can host transactions but an index of prices would be outsourced in order to maintain credibility and comply with regulatory frameworks. He said that the markets for critical minerals remain "fragmented and opaque" and are heavily dependent on bi-lateral negotiations and price assessments based on limited data collected manually. Schaefer stated that the EU demand aggregation platform launched last week for critical materials is not designed to set regional prices which are crucial to underpin local production. On April 13, the EU launched its Energy and Raw Materials Platform's section on critical minerals. The EU aims to link buyers and suppliers of 17 EU strategic materials, but it is up to the two parties to finalise any trades. Some have pointed out that there is little?liquidity outside of China in the critical minerals trade, but Schaefer and Jackel say that it's enough to set benchmark prices in Europe. Schaefer stated that there are currently enough data points in Europe from recent transactions to establish a representative price for rare earths, as an example. Schaefer and Jackel stated that the initiative would start in Europe but would include other Western nations. (Reporting and editing by Veronica Brown, Alexander Smith and Eric Onstad)
-
Oil gains and stock prices rise as ceasefire is tested
Wall Street stocks rose on Wednesday after U.S. president Donald Trump unilaterally declared a ceasefire extension. Oil prices also increased as Iran broke the fragile truce and seized two cargo ships at the Strait of Hormuz. A broad rally lifted all three major U.S. stock indexes, while gold?advanced?and U.S. Treasury Yields dropped. "Things have slowed down a bit, so (investors can) focus on the economy for a while and not worry about the bombs that are flying in the Middle East," said Paul Nolte. He is a senior wealth advisor & Market Strategist at Murphy & Sylvest, located in Elmhurst. There's some concern about the fact that there is a ceasefire but that it hasn't been resolved. It only delays a decision." Iran's Revolutionary Guards seize two ships for maritime violations, just hours after Trump agreed that the ceasefire would be extended until?negotiations were concluded. The U.S. stock market, which was initially impacted by the war against Iran, has since recovered. Both the S&P 500, and the Nasdaq, have reached new highs in recent sessions. Geopolitical uncertainties persist and a prolonged period with high oil prices is a danger. According to transcripts, about two thirds of S&P 500 companies who have reported quarterly earnings in the last few months have expressed concern about energy prices. The first-quarter earnings season has begun amid high expectations. According to the latest LSEG data, analysts currently expect S&P 500 earnings growth of 14.4% year-on-year for the period January-March. The first quarter was before the Iran War. Nolte said, "I do not think that we will feel the full impact of the war on earnings until we receive second quarter reports next July." The Dow Jones Industrial Average rose 364.21 or 0.75% to 49,513.59; the S&P 500 gained 59.43 or 0.84% to 7,123.44; and the Nasdaq Composite increased 283.12 or 1.17% to 24,543.08. The European share price was slightly lower after the extension of the U.S. - Iran truce. Middle East turmoil continued to affect markets, and investors weighed corporate earnings. Since the start of the conflict, dozens of international companies have announced price increases or withdrawn their guidance. MSCI's global stock index rose by 3.98 points or 0.37% to 1,070.44. The STOXX 600 pan-European index dropped 0.23% while the FTSEurofirst 300 broad index in Europe fell 6.06 points or 0.25%. Emerging market stocks dropped 8.34 points or 0.52% to 1,607.14. MSCI's broadest Asia-Pacific share index outside Japan ended lower by 0.57% at 822.53, whereas Japan's Nikkei gained?236.69 or 0.40% to 59585.86. Amid lingering geopolitical concerns, the dollar edged higher against euro. The dollar index (which measures the greenback against a basket including the yen, the euro and other currencies) rose by 0.06% at 98.44. Meanwhile, the euro fell 0.11% to $1.1728. The dollar fell 0.09% against the Japanese yen to 159.23. Bitcoin gained 3.97%, reaching $78,750.99. Ethereum rose by 3.57%, to $2400.37. Investors remain cautious after the extension of the ceasefire. The yield on the benchmark U.S. 10 year notes dropped 0.6 basis points from 4.292% to 4.286% late Tuesday. The 30-year bond rate fell 0.9 basis point to 4.8887%, from 4.898% on Tuesday. The 2-year bond yield, which is usually in line with expectations of interest rates for the Federal Reserve, increased 1.3 basis points from late Tuesday to 3.792%. The oil prices rose following reports of attacks against container ships in the Strait of Hormuz. U.S. crude climbed 2.09% to $91.54 per barrel while Brent rose 2.15% to $100.58 a barrel. The gold price rose as geopolitical uncertainty eased and the pressure to liquidate metals decreased. Gold spot rose by 0.45%, to $4.732.98 per ounce. U.S. Gold Futures increased 0.93% to $4.742.20 per ounce.
-
Gold prices rise on the drop in Treasury yields and bargain-hunting
On?Wednesday, gold?rose about 1 percent after falling to a more than a week-low in the previous session. This was due to the fact that longer-dated U.S. Treasury rates fell as well as bargain-hunting as investors waited for a possible resume of U.S. - Iranian peace talks. By 9:42 am EDT (1342 GMT), spot gold had risen 0.8% to $4,749.61 an ounce after earlier rising 1%. It recorded its biggest daily loss on Tuesday since March 26. U.S. Gold Futures for June delivery rose 1% to $4 767.70. The gold price is experiencing a "bit of respite" as the rates on the curve have dropped and investors are hoping that Donald Trump's statements about the Strait of Hormuz will be resolved. Bart Melek is global head of commodity strategy for TD Securities. He said that the situation was very uncertain and tenuous. Iran seized on Wednesday two ships in the Strait of Hormuz which is responsible for 20% of world oil supplies, after U.S. president Donald Trump called off the attacks indefinitely so that Tehran could come up with an unified peace offer. Peace talks have not resumed. Benchmark 10-year U.S. Treasury rates fell by 0.24%. Jim Wyckoff is a senior analyst at Kitco Metals. He said that the precious metals market also exhibited a perception of bargain-hunting following Tuesday's losses. Since the beginning of 'the war' on February 28, gold prices have dropped by close to 11 percent, as rising oil costs have increased inflation fears. Higher interest rates reduce demand for non-yielding gold, which is often seen as a hedge against inflation. Kevin Warsh, the Federal Reserve's chief nominee, said that he made no promises about interest rate cuts to Trump on Tuesday. He was trying to reassure U.S. senators who were considering his confirmation. Silver spot rose 1.6%, to $77.92 an ounce. Platinum gained 2.1%, to $2,079.21. Palladium increased 1.5%, to $1,556.49. (Reporting by Ishaan Arora in Bengaluru; Editing by Paul Simao)
-
Chile's copper king faces an acid shortage as China exports dry-up
China's exports to Chile of sulphuric acids sank to zero in March according to Chinese 'customs' data. The world's largest 'copper-producing nation' is now facing a shortage of the chemical that's used to refine around half of it. China plans to ban exports of sulphuric acids from May, to avoid a shortage in its domestic market. This includes the fertilisers industry. The shipment of acid to Chile has already stopped. It was the biggest market for China's acid exports in 2025, and it accounted for almost one-third. Comparatively, China exported 31,870 tons of acid to Chile between February 2026, and 151 268 tons in March 2025. The smelting of copper ore produces sulphuric acid. It is also used in the production of refined copper through a process called leaching. HSBC reports that Chile imports 37% of its acid, which comes from China. HSBC reports that Chile relies on imports, 37% of which come from China. The relationship between China's smelters and mining companies has been strained in recent times due to the fact that ore supply is tight, which means treatment charges (the fees paid for processing ore) are heavily in favour of the miners. COPPER OUTPUT IS AT RISK Alexis Urbani is a sulphuric-acid trader at Incotrade Chile. This can have a direct impact on cathode production, particularly for operations that rely on lower-grade ore, which has a higher acid consumption. Morgan Stanley stated in a report this month that the Chinese ban on acid exports could threaten Chile's annual production of 1.1 million tonnes of leached copper. This is more than half of Chile's refined output of about 2 million tonne and one fifth of its total copper-contained production of 5.5 millions tons. The bank estimated that 20% of the acid used in Chilean copper leaching comes from China. China's total sulphuric exports in March remained steady on a month-to-month basis at 143381 tons, with shipment to the Philippines, India, and Indonesia all increasing sharply. Bold Baatar, a Rio Tinto co-owner and chief commercial officer of Chile's Escondida mine, said at a Wednesday conference that Chile is particularly vulnerable to fluctuations in supply. He said that Chile was the most vulnerable country in terms of importing sulphuric acids, as it has the most copper leached.
-
Carney: Canada won't let the US dictate terms for USMCA review
Mark Carney, the Prime Minister of Canada, said that Canada would not allow the United States to dictate the terms for the scheduled review of United States-Mexico Canada trade treaty. Mexico has held two rounds with the United States regarding the'review' and its first formal round will be next month. Canada has not been given a date for the start of any discussions. The review is expected to be completed by July 1. Jean Charest, the former Quebec premier, who sits on Carney's panel to advise him on Canada-U.S. relations, said on Radio-Canada that Washington wanted "a lot of concessions" from Canada before negotiations began. "It is not the case that the United States dictates terms." Carney told reporters that we have a discussion, and can reach a mutually beneficial outcome. "It will take time", he said. Last year, President Donald Trump imposed tariffs on Canada's?key imports. Canada responded by implementing countermeasures. Carney says that Trump's actions have forced Canada to diversify its trade and reduce its heavy dependence on the United States. Janice Charette said that Canada's chief trade negotiator, with the United States was not expecting all issues to be resolved by July 1. However, that does not mean that the North American Trade Agreement will collapse. (Reporting and editing by Hugh Lawson; David Ljunggren)
-
Investors ask UK audit watchdog for a closer look at HSBC's climate accounting
A group of 'institutional investors' has asked Britain's accounting'regulator' to review HSBC 2025 accounts and 'audit' in order to gauge if the bank is correctly assessing the risks posed by the climate change. Investors also said that they lacked visibility into how HSBC’s auditor PwC verified the bank’s accounting. A letter sent to the Financial Reporting Council with copies to the Prudential Regulation Authority, the bank, and by revealed. The letter stated: "In view of the ongoing 'lack of disclosures' by HSBC, PwC and other firms on matters that we believe are material to investors' understanding the 'bank's capital resilience', we write to request the FRC review HSBC accounts and audits to determine if they'meet' the required standard." Sarasin & Partners was among the signatories, as were Merseyside pension fund, NEST workplace pension investor, and asset managers Edentree Investment Management & Lombard Odier Investment Management. A spokesperson for the FRC confirmed the letter was received, but stated that the "watchdog" would not be able to comment further. PwC refused to comment, and HSBC didn't immediately respond to a comment request. Accounting and finance experts, as well as investors, have long claimed that certain companies do not disclose the full risk associated with climate changes. HSBC's three most recent financial statements conclude that it will not be adversely affected by climate change in the short to medium term. Investors expressed concern that this could be "excessively optimistic" given the bank's exposure to physical risks like floods and fires, as well as transition risks, such as changing regulatory requirements. Investors said that they had been in contact with the audit committee chair and chief comptroller of the bank since 2023, but saw "little evidence"?of progress. The group stated that in discussions with the bank between 2025 and 2026, it asked the board to review its assessment of climate risks. It also requested the board'reflect these assumptions into critical accounting assumptions, and publish a sensitivity study based on more severe climate impacts. The letter stated that "at a time when climate instability is increasing and decarbonisation is accelerating in key industries, failure to account for possible losses or liabilities could put the capital of investors at risk." The group said that HSBC Chairman Brendan Nelson’s dual role as chair of audit committee posed a conflict of interest. It also welcomed a review on how financial institutions report climate change. (Reporting and editing by Simon Jessop, Kirstin Ridley)
Research shows that battery-electric cars will reach 23% of the market in EU and Norway by 2026.
As EVs get cheaper and emissions targets are met, the market will be supported by a battery-electric vehicle share of 23% in 2026 in 'the European Union and Norway and a share of?28% in '2027.
European 'campaign' groups say Europe is on the right track in its transition to electric vehicles and that it can be profitable for the carmakers. They pushed the European Commission last December to reverse the effective ban on the sale of new internal combustion engines cars starting 2035.
T&E stated that 'battery-electric cars prices have fallen in average by 4 percent in 2025 due to the launch of new models below 25,000 Euros ($28,970).
* The report said that these models could become as affordable?as combustion engine equivalents by 2030, if the EU maintained or strengthened its Co2 emissions targets. Larger models have already achieved parity
* Lucien Mathieu, Director of T&E Cars, told reporters that the market was expected to reach an important tipping point in the next few year.
* "Backtracking from the 2030 target as the industry desires would be a big threat," said he
T&E stated that * If the 2030 goal is weakened, automakers will likely prioritise their margins and delay price parity for at least two more years.
Stellantis and other global carmakers have written down $55 billion over the past few months as they reduce their electric vehicle ambitions
To avoid fines, Tesla and Polestar have agreed to share their Co2 emissions with other EV leaders to reduce the amount of CO2 they emit.
T&E reported that carmakers who represent about half of the European market have?already achieved their 2025-2027 CO2 target by 2025, including BMW Group, a Mercedes Volvo Car pool and a Tesla Pool which included Stellantis Toyota and last year.
* It said that industry warnings of 15 billion euros ($17.38billion) in possible fines for 2025 were "very distant", and estimated penalties at the most 2 billion euro if the annual target had been enforced. ($1 = 0.8630 euros) (Reporting Alessandro Parodi; editing Matt Scuffham).
(source: Reuters)